Why Choose BinaryOptionsRobot?
- Ideal for Robot Trading Beginners
- Integrated to Regulated Brokers (non US)
- Easy-To-Use Interface
This is probably the most popular automated trading software used by non-US based binary traders. It’s worth noting this Robot is more suited to beginners and those looking to trade with a variety of assets groups. NB: We recommend OptionRobot for binary traders with some experience in technical analysis that wish to trade exclusively with currency pairs.
Although we refer it as software, there is nothing to download as the program executes all trades on the cloud platform, (similar to a Virtual Private Server (VPS) running MetaTrader (MT4) for Forex traders). A huge benefit of this is that you need not worry if there is a power-cut, communication blackout (for those with unreliable internet connections), or more commonly – internet browser errors.
This environment allows for a “set and forget” style of trading whereby your trades are always ready to be executed when your pre-defined criteria is met. Although it’s worth noting, we do recommend you always trade cautiously and avoid volatile markets/timing.
How to Trade with BinaryOptionsRobot
Step One: Login
As stated above, Register for a free account by clicking the “Trade Now” button above. Once you have registered an account you will be automatically logged into the Robot Dashboard. If you aren’t automatically logged in after registration, click on the “Login”” button on the binaryoptionrobot homepage and enter the login information you’ve setup.
Step Two: Choose a Broker
Once you are logged in, you will be presented with a popup with exclusive offers or promotions that compatible brokers are offering.
You can either redeem these or trade with other integrated brokers by closing the popup and selecting your preferred partner via the dashboard.
Step Three: Deposits & VIP Status
You will have to make a deposit to gain unrestricted access to all of the robot’s settings and services. Click on the orange “Deposit” button next to your chosen broker to be re-directed to their banking services on their own website. Once a funded trading account is setup with brokers recommended by the website, you can refresh your robot dashboard to show your real-time updated trading balance. Once actively trading, this is also where you can check the value of open trades, your current profit and the number of active trades.
When a deposit is made for the first time, the trader gets access to a VIP account for one month, which enables some additional functionality (see below). Once your month is up, a VIP account can be extended by a further three months by making another deposit via the robot. BinaryOptionsRobot will automatically set up VIP status for you, however, you may check your eligibility and status via Livechat at any point.
TradersAsset Tip: Robots are not licensed to accept or pay out funds. They are merely a operational intermediary between a broker and a trader. ALL processing of your funds and KYC (Know Your Customer – Proof of identity) is done directly with the broker you’ve chosen in Step Two.
Step Four: Setup & Trade
On the far left of the robot’s dashboard is the option for “More Settings”. Clicking this will drop down a list of robot setup options.
The toggle on/off mode enables a trader to select the assets that are to be monitored by the robot. In a choppy market, even the best of these programs may lose money. To prevent huge capital erosion, a trader can use the stop loss facility. When the total loss on a given day matches with the amount input here, then the robot suspends trading for the rest of the day. You can also restrict the robot from making an unlimited number of trades by using the input facility for the maximum number of daily trades. Even the investment amount per trade for different class of assets (equity, currency, commodities, pair, and indices) can be setup independently.
The VIP section lists four different kinds of trading strategies that the robot may execute; setup your risk level (represented by colors) for trades taken by the robot, (green and red represents low and high risk trading respectively, yellow and orange indicate medium risk levels). If the color green is chosen, then only low risk opportunities are taken by the robot. On the other hand, choosing red would force the robot to trade all available trading opportunities. Depending on your appetite for risk, you may select one or more of these strategies. A VIP account holder can also enable or disable same day and 60 seconds trading.
If you feel the market is too choppy and would prefer to trade manually, then the ‘active trading’ toggle switch can be set in the ‘off’ position. Furthermore, there is no need for a trader to go to the binary broker’s platform to view or place orders manually. The ‘trading room’ facility can be used for that purpose, and can be accessed via the tab at the top of the interface.
TradersAsset Tip: The Trading Room view will only open if your web-page is enabled to show mixed content. For Google Chrome, click on the “shield” icon in your search bar and click “OK” to “Load unsafe scripts” and all will work correctly.
Please search google for instructions on other browsers.
If you experience any issues whilst registering or setting up the trading account, the customer support executives can be contacted via livechat between 8AM and 8PM during weekdays and till 6PM during the weekends. No telephone support service is offered. The only alternative to Livechat is an online form via the main website. Whilst BinaryOptionsRobot may be an exception, in our experience, these forms are rarely answered quickly. Therefore Livechat is recommended.
The website can also be accessed in 25 languages, making it easy for non-English speakers to use the service.
TradersAsset Tip: The majority of your support queries can be directed right at the broker you’ve chosen via the binaryoptionsrobot dashboard. The support teams at brokers tend to be more accessible, and are able to answer more specific questions about bonuses, payouts, deposit methods etc.
Why Trade with BinaryOptionRobot?
As stated at the beginning of this review, BinaryOptionsRobot.com was a pioneer in Binary Options autotrading. This made it a well-tested, reliable and stable solution. It fast became the program of choice for traders looking to profit, and continues to go from strength to strength.
As with most things in the ever-evolving retail trading industry, binaryoptionsrobot has made some big changes since mid-2016. Namely, the exclusion of unregulated brokers from its list of preferred/integrated partners. This can be seen as both a positive and negative move.
Negative due to their limited offering of brokers compared to when the robot first started out. This also means that US-traders are not able to currently use the robot.
Positive because this was the correct decision to ensure that retail traders are safeguarded from unscrupulous brokers that do not meet the regulatory requirements set out by governing bodies such as CySec.
We view the focus on regulated brokers as a positive move made by a service that’s looking out for their customers best interests. Also helping traders on the move is the proprietary Android App.
More advanced technical analysis settings, an IOS app and integration to more brokers is all that holds us back from awarding this excellent robot with our highest ratings. The slick interface, exclusive broker promotions, accessible Livechat support and seamless service meant it was a unanimous decision to provide BinaryOptionsRobot with a Four Star rating. Whatever your experience or requirements, we encourage you to sign up and explore this robot for yourself.